Board Votes to Shutter Myrexis

Cancer drug developer Myrexis Inc. said that its board approved a plan to dissolve the company and liquidate its assets.

"After evaluating the company's strategic options, the Board of Directors reached the conclusion that it is in the best interest of the shareholders to dissolve and liquidate the company," said Chairman Gerald Belle.

Myrexis expects to distribute between $72.9 million to $77.9 million, or $2.72 to $2.91 per share, to its shareholders. The company will set aside $7 million to $12 million to cover its expenses and potential liabilities.

Myrexis was spun off from cancer test maker Myriad Genetics Inc. in mid-2009. The company was originally called Myriad Pharmaceuticals, and changed its name to Myrexis in 2011.